Hyundai Motor releases its first electric vehicle to compete with Tesla

• Hyundai Motor launched its first electric sedan, Ioniq 6.
• The South Korean automaker is betting.
• That will help it grab a bigger share of the electric vehicle (EV) market.
• Hyundai and Kia together accounted for 13.5% of the EVs shipped globally.
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Hyundai Motor Co (005380.KS) on Thursday sent off its most memorable electric car, Ioniq 6, which the South Korean automaker is wagering will assist it with snatching a greater portion of the electric vehicle (EV) market overwhelmed by Tesla Inc.

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The Ioniq 6 is one of in excess of 31 electric models that Hyundai Motor Group – including Hyundai Motor, its affiliated business Kia Corp (000270.KS) and premium brand Genesis – plans to acquaint through 2030 with securing a projected 12% of the worldwide EV market.

Hyundai’s vehicle will extend its EV range past its ongoing hybrids and SUVs to contend no holds barred against Tesla in a well-known classification.

Barring China, the world’s greatest auto market, Hyundai and Kia together represented 13.5% of the EVs transported universally in the January-May period this year, as per industry tracker SNE Research. That was second just to Tesla, which had a 22% offer in a similar period.

The Ioniq 6 will have a driving scope of around 610 kilometers (380 miles), around 30% more than the Ioniq 5 hybrid, Hyundai said.

“We are utilizing something very similar (battery) cell science however … we augmented how many batteries per pack, upgrading energy thickness altogether,” said Kim Yong Wha, a chief VP at Hyundai.

The automaker didn’t reveal the cost of the Ioniq 6.

It will come in two battery pack choices – 53-kilowatt each hour (kWh) and 77.4 kWh – and will start creation at its Asan plant in South Korea in the not-so-distant future, Hyundai said.

The market send-off timetable will be reported later.

Hyundai regularly gets batteries from LG Energy Solution Ltd (373220.KS) and SK Innovation’s (096770.KS) SK On, and Kia as of late embraced China’s CATL (300750.SZ) batteries for its vehicles sold in South Korea yet the automaker didn’t uncover the hotspot for Ioniq 6 vehicles.

The send-off comes after Hyundai reported its arrangements to fabricate devoted EV plants both at home and the United States, where the Ioniq 5 and Kia’s EV 6 SUV together turned into the second-smash hit EVs after Tesla vehicles and in front of Ford Motor Co’s (000270.KS) Mustang Mach-E.

“The two vehicles address two significant imperfections that earlier EV vehicles have had in the U.S. market: absence of styling and range,” Ivan Drury, Edmunds ranking director of experiences, said of the Ioniq 5 and EV 6.

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